Article translated by Amritee Mahabir

With a total result of over 4 million euros, the success of the auction held on April 8^th in Milan at the Broggi Palace was declared. All 146 lots presented at the “Contemporary Art 1953-2003. A private collection” auction were sold.

As previously announced, the top lot of the evening was a piece by Jannis Kounellis, sold slightly above the estimate for about 192,000 euros (estimated at 150,000 – 180,000). The work was acquired in 2004 by the owner from Bergamo’s Fumagalli Gallery. By the same artist, an ink on paper that was presented also surpassed its estimate of 25,000 – 30,000 euros selling for roughly 34,000 euros. The Greek artist is chalking up interest in the Italian market; five Italian galleries that hold works by Kounellis (Cardi Gallery, Claudio Poleschi Contemporary Art Gallery, Edios Immagini Contemporanee, Il Ponte Contemporanea and the Incontro Gallery) actually presented his works in the edition that has just finished of the most important shows dedicated to modern and contemporary art in Italy. Naturally the results were also in line with the expectations for Alighiero Boetti. Two tapestries and four works on paper were presented by the artist. All of his works were sold and all except one made sales above their estimate. The work that was shown at auction for the highest estimate sold for more than 162,000 euros (estimated at 100,000 – 150,000). On reviewing the total amount of works by Boetti presented at auction, it was 20% with respect to the maximum value put forth. There was also a great opening for Enrico Castellani with his Superficie Bianca that was sold for 132,250 euros (estimated at 80,000 – 100,000).

On the other hand, there was a surprising result for Agostino Bonalumi. His two ‘tela estroflessa’ paintings presented at auction won over the public and reaped excellent economic results. In total, his works reached 192,500 euros extending to the maximum estimates of 75%. The same topic regards another Italian artist, Gino de Dominicis whose artworks were notably appreciated. Two of his paintings from the nineties were shown at auction and were sold for a total of 156,500 euros compared to an initial estimate of 80,000 euros (a revaluation of 95.5%). There was also a furore over Vik Muniz. His Diamond Divas, all from the Cardi Gallery and also presented on the catalogue cover sold like hot cakes. In the end, sales totalled almost 450,000 euros for this artist with an increase of 74% on maximum estimates.

The evening also brought notable satisfaction for the less known artists. The work Senza Titolo (Van Gogh) by Stefano Arienti, was sold for 26,650 euros (estimated at 15,000 – 18,000 euros). Gianni Dessì saw an increase of 188% compared to the estimates due to his excellent results with his works which gathered a total of almost 32,000 euros. Meanwhile, there were unexpected results for Pietro Capogrosso; his three presented works gave important results not so much for the sales price (the entire outcome was less than 7,000 euros) but for an improvement with respect to the estimates (with a revaluation of 227%). Bruno Ceccobelli also doubled his sales with Dimora nel cielo casa magnifica, an artwork that sold for 3,125 euros (estimated at the highest figure of 1,500).

In short, there was really notable success that however brings about some doubts. Has the Italian market suddenly woken up from their stupor, and have decided to show their full appreciation for artworks at auction? Or perhaps the experts at Sotheby’s are playing a little with the fall of valuations? That which counts is that once more, the Milan art market has demonstrated high levels and it has managed to generate the right kind of international public interest from art lovers who decide to invest in quality art.